TransAtlantic Petroleum Announces the Payment of the Upcoming Dividend on its Series A Preferred Shares in Common Shares

Rhea-AI Summary

TransAtlantic Petroleum Ltd. (TAT) announced its decision to pay the upcoming quarterly dividend on its 12.0% Series A Convertible Redeemable Preferred Shares in Common Shares, aiming to preserve cash. This dividend is payable to holders of record on the date 15 business days after the filing of its Quarterly Report for Q1 2020. The dividend payment will consist of Common Shares listed on the NYSE American and Toronto Stock Exchange. The company is engaged in oil and natural gas activities in Turkey and Bulgaria.

Positive

• Preserving cash by paying dividends in Common Shares rather than cash.
• Common Shares to be listed on major exchanges, enhancing liquidity.

Negative

• Decision to issue shares instead of cash may indicate financial strain.
• Ongoing risks from market volatility, especially due to coronavirus effects.

HAMILTON, Bermuda, May 29, 2020 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE American: TAT) (the “Company” or “TransAtlantic”) today announced that it has elected to pay the upcoming quarterly dividend on its 12.0% Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”) in its Common Shares, par value $0.10 per share (“Common Shares”), as permitted by the certificate of designations for the Series A Preferred Shares, in order to preserve cash. The upcoming quarterly dividend is payable to holders of record on the date that is fifteen business days following the filing of the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 (the “Dividend Record Date”). The dividend will be paid fifteen business days following the Dividend Record Date. The Common Shares issued as dividends on the Series A Preferred Shares will be listed on the NYSE American and the Toronto Stock Exchange.

About TransAtlantic

The Company is an international oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey and Bulgaria.

(NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)

Forward-Looking Statements

This news release contains statements concerning the upcoming dividend on the Series A Preferred Shares as well as the Company’s expectations, plans, goals, objectives, assumptions, and information about future events, conditions, exploration, production, results of operations, and performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates, and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, the Company’s ability to continue as a going concern; well development results; access to sufficient capital; market prices for natural gas, natural gas liquids, and oil products, including price changes resulting from coronavirus fears as well as oil oversupply concerns; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids, and oil products, including price changes resulting from coronavirus fears as well as oil oversupply concerns; the results of exploration and development drilling and related activities; the effects of the coronavirus on our operations, demand for oil and natural gas as well as governmental actions in response to the coronavirus; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities; the unwinding of the Company’s hedges against a decline in the price of oil; receipt of required approvals; increases in taxes; legislative and regulatory initiatives relating to fracture stimulation activities; changes in environmental and other regulations; renegotiations of contracts; political uncertainty, including sanctions, armed conflicts, and actions by insurgent groups; outcomes of litigation; the negotiation and closing of material contracts; and other risks described in the Company’s filings with the Securities and Exchange Commission.

The forward-looking statements or information contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise, unless so required by applicable securities laws.

Contact:         

Tabitha T. Bailey
Vice President, General Counsel, and Corporate Secretary
(214) 265-4708

TransAtlantic Petroleum Ltd.
16803 Dallas Parkway
Addison, Texas 75001
http://www.transatlanticpetroleum.com

FAQ

What is the upcoming dividend amount for TransAtlantic Petroleum (TAT)?

The upcoming dividend amount has not been specified in the press release.

When will the dividend be paid to shareholders of TransAtlantic Petroleum (TAT)?

The dividend will be paid 15 business days after the Dividend Record Date.

How will TransAtlantic Petroleum (TAT) pay its dividends?

The dividends will be paid in Common Shares instead of cash.

What are the implications of TransAtlantic Petroleum (TAT) paying dividends in Common Shares?

Paying dividends in Common Shares helps preserve cash but may indicate potential financial strain.